- Earlier this year, Amazon had announced to export $10 billion worth of made-in-India goods by 2025.
- At present, the company's annual exports from India worth $3 billion.
- Walmart currently exports Made in India apparel, homeware, and jewellery to 14 international markets.
US retail giant Walmart CEO Doug McMillon, on Thursday, said that the company is planning to triple its Indian exports to $10 billion (or about Rs 7,364 crore) by the year 2027. At present, the company's annual exports from India worth $3 billion.
While Walmart's rival Amazon has also said that it will use its global footprint to export $10 billion worth of made-in-India goods by the year 2025.
Earlier in July, Amazon said that it had already exported made-in-India goods worth $2 billion with the last billion happening in less than 18 months.
Walmart's step will likely help MSMEs (micro, small and medium enterprises) to scale up their business operations and customer reach.
The expansion in sourcing would help in developing new suppliers in categories such as food, pharmaceuticals, consumables, health, and wellness and general merchandise along with apparel, homeware, and other key Indian export categories, the company stated.
Walmart currently exports made-in-India apparel, homeware, and jewellery to 14 international markets, including, USA, Central America, United Kingdom, Canada, and Mexico, through Walmart's global sourcing office in Bengaluru.
US retail giant Walmart, which bought Flipkart's 77% stake in 2018 for $16 billion, is now seeking to accelerate India-made goods exports by strengthening the supply chain ecosystem in India.
"As an international retailer that brings value to customers and communities worldwide, Walmart understands that local entrepreneurs and manufacturers are vital to the success of the global retail sector. And we see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides," said Doug McMillon, President and Chief Executive Officer, Walmart.
Also Read: CII And Amazon Partners To Design Special Export Module For MSMEs
"It is also a way for Walmart to bring more high-quality, India-made goods to millions of customers all across the world," he added.
India is one of Walmart's top sourcing markets. It has been sourcing goods from India for more than 20 years.
Earlier this week, IndianStartupNews reported that Walmart is gearing up for Flipkart's $10 billion IPO in the USA, aims to sell around 25% of its stake in the Bengaluru-based e-commerce company.
CII and Amazon had also partnered to enable MSMEs to export their made-in-India products in a simplified manner.
According to the BCG report, the Indian retail industry is one of the fastest-growing in the world. Currently stood at $850 billion, and expected to reach $1.1-1.3 trillion by 2025, growing at a CAGR (compound annual growth rate) of 9-11%.
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